2012-11-08
2012-11-16
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the world. there are a lot of questions, too. the sharing economy waits to be shaped by policy. it is in its adolescence. this is a transformative moment. it is waiting to be shaped by policy, but for whose benefit? we believe it should be shaped for the benefit of as many people as possible, and especially for those who need it the most. . we also need new regulations, not simply application of the old. otherwise, the sharing economy will fail to meet its promises. 30 of things that are the biggest threats to our society. i will open a panel -- there are two things i think are the biggest threats to our society. i will give you a high level brief of the sharing economy. there is no textbook definition of the sharing economy. we will then begin the panel discussion which will last for 45 minutes or an hour, however long you want it to last. before i dived in here, raise your hand if you are familiar with at least one of these books. i highly recommend all of them. the one on the end is coming out in may. "share or die" -- i do not recommend that for marketing, but for a cause, we're trying t

discussed impact any of the schering economy companies. you could also see opportunities to educate the public or just gain awareness for the services through the city and existing programs. >> i forgot to repeat the question, but the question is -- what regulations to the company's what? >> that is a great question. we would love the city to educate themselves and help educate the rest of san francisco about what this is and defined it is something -- as something that is not a hotel. and create regulations tailored specifically to this activity and make sure that this definition and these regulations are applied consistently in the tax code, the administrative code, and the planning code, to make sure there is some coherence about how the activity is treated and regulated. >> i mentioned earlier, running around doing deliveries. some sort of collaborative consumption, schering economy parking permit, parking pass along those lines would be very helpful, as well as just generating awareness here in other cities -- for instance new york city -- the mayor did endorse utilizing compan

the 21st century. the growth the economy we are moving out of hopefully cannot do that. it is what got us into the jam we are in now. you are probably very familiar with the whitney we hear all the time. we're using 40% more resources annually than the earth can replenish. we're draining our natural capital. there has been 15 years of sustainable development with development of new green technologies. in 2011, we have the largest out of carbon ever. inequality has reached epic proportions around the world. in the united states, the richest 1% owned 38% of all wealth. the bottom 90% hold 73% of all debt. we are wiping out the planet and the public is left holding the bag. we definitely need something completely different. putting the moral outrage aside for a second, this situation also puts cities at great risk. we've only gotten a taste of the destruction that -- disruption as possible with the numerous revolutions that broke out. the crisis will land hardest in cities. i see city's borrowing language from complexity theory, i see the boys and a critical state. it is a new situati

valley. what does a second term for president obama mean to the economy? i will talk to two former top presidential advisers and sea if they think we can avoid the fiscal cliff. how to stay safe and find the right sectors in the mark and jamie dienl of jpmorgan chase. regulation, policy and too big to fail. the "wall street journal report" begins right now. >> here's a look at what is making news as we head to a new week on wall street. if if toward thought they would get a bounce after the election, they thought wrong. president obama's second term victory was greeted with stocks worst day of the year. the dow fell 300 points on wednesday and triple-digits on thursday and and the markets were mixed on friday. bond rating agency moody's reiterated the possibility of a downgrade if america goes over the fiscal cliff but said it would wa wait after budget negotiations. a downgrade will make it more expensive for the united states to borrow money. >>> superstorm sandy would provide an economic boost to the auto industry. 250,000 new and used cars may have been ruined by sandy. a loss that

on the new collaborative economy. we're interested in it because it has aspects that have piqued our interest, about hoour environment, how to improve life for more people, how to make an expensive city more affordable to more people, how to utilize the strengths of the city as a great tourist city. how we can get more folks to come and experience the wonders of the city. maybe they will make their stake here. these panel members have decided to make their stake here. they risked reputation, may be small amounts of money. if they had a lot of money, they may not have had to start this. they have also done it for the right reasons. they want to experience the city in a different way, but one that is in the tradition of san francisco and is reflective of mine, welcoming more people to share in the economy. hopefully the right reasons will create more jobs and get more entrepreneurs involved. i have often said this can be the city for the 100%. everybody can have a chance to fulfill their dreams and make sure they can have a stable income for themselves and their families. i think we are on the

. they are studying the evolution of specialization as they uncover details of ancient economies around the world. in the maya city of copan, a jeweler fashioned rare shell and jade for his powerful lord. in mexico, living artisans echo the economy of a vanished civilization. and in teotihuacan, evidence of mass production has now been unearthed. tiny faces of clay reflect the men and women who made them a thousand years ago. on the other side of the world, in the ancient roman city of ostia, huge merchant ships were part of an economy much like our own. and today, the tanners of morocco still practice their ancient craft, living proof that economies have evolved out of the past. everyone who has ever lived has been part of an economic system. iel bote grande...mil pesos! economic systems are simply the ways people produce, distribute and consume things -- everything and anything, from tortillas to stocks and bonds. for 10,000, 10,000 an eighth. today, as in the past, economic systems lie at the heart of how a society is organized. archaeologists search for these systems because they believe econ

. but there is a lot of support for trying to do things that will help make the economy stronger in the short term. universal support for extending the middle-class tax cuts -- that remove much of the greatest risk of the fiscal cliff. there's a lot of support for finding bipartisan consensus on other things that would make the economy stronger, like a set of amendments -- commitments to finance higher levels of infrastructure and education. there is bipartisan support for that. there is bipartisan support for doing the obvious things -- you have to pass an extension of the business expenditures, things that are important to do. there is a lot of support for trying to make some real progress on long-term fiscal challenges. a lot of benefit in doing that for the economy. i think this is a solvable problem and we want to do as much as we can to take advantage of this opportunity to make some progress on each of those fronts. >> one thing about which there does not appear to be agreement -- that is, should the bush tax cuts on over $250,000 be extended, or should they be raised? i heard jay carney sa

mean for the economy? i'll talk to advisers and find out if they think we can avoid the fiscal cliff. and how to position your investments, stay safe and find the right sectors in the market. >>> and outspoken banker jamie dimon of jpmorgan chase. too big to fail. "the wall street journal report" begins right now. >> this is america's number-one financial news program. "the wall street journal report." now, maria bartiromo. >> here's what's making news as we head into a new week on wall street. if investors thought we would be getting a certainty bounce after the election, they thought wrong. in fact, president obama's second-term victory was greeted with stocks second worst day of the year. triple digits again thursday, and figures were mixed thursday. the possibility of a u.s. downgrade if america goes over the so-called fiscal cliff. but said it would wait until after budget negotiations. a downgrade, of course, would make it more expensive for the united states to borrow money. >>> superstorm sandy could provide an economic boost to the auto industry. as many as 250,000 new and u

years now and unemployment rate under 5%, but a terrible economy and a terrible stock market. so, you want a natural unemployment rate to grow not with artificial constant perpetual government deficit spending and again, i think your our government can lower it over the next four years, that's not necessarily good for the country and the economy and the stock market. >> gary b. the question, does government drop and they grow or the private sector grow and where you get the true growth for the the economy? >> exactly, brenda, yeah, you showed in the graphic as we opened up the segment, that caterpillar, in this environment, you know, with things like sandy going on and things would be for casting job growth and hiring people, but instead they're laying off people and yet a long list of companies on that and the reason is, they see a sour economy. >> why do they see a sour economy? >> government is growing bigger and stephan, about 24%, study after study has shown, as government takes over a bigger percentage of gdp, it surely will, faster than perceived or forecast at gdp growth, it c

a little bit and to talk just for a moment about the u.s. competitiveness and the u.s. economy in a global context. and their actually was an oecd report that came out this morning that does that admirably. this report predicts that within four years, by 2016, the chinese economy will be bigger than the economy. and what the oecd report sort of further says, it's a great report. if you're interested, take a look online. today the u.s. economy accounts for 23% of the world's economy and india is 7. in 2030, according to the oecd predictions, china will be 29% of the world economy, the u.s. will be 18 and india will be 11. and those are, i think, really worthwhile numbers to keep in our mind as we talk about u.s. competitiveness in the world economy, because we're entering this entirely new era where the u.s. is going to be a big player in the world economy but no longer the preeminent, the very largest one, and i think that brings real challenges and requires a whole new way of thinking. so my opening remarks, steve was introduced, i think quite rightly, as a guy who i hope is getting cases

the economy into a recession. and late today, a top credit rating agency puts the odds of going off the cliff at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the standard and poor's ratings agency said there's an increasing chance we will go over that cliff of tax increases and spending cuts. it puts the odds at 15%. still, s&p is optimistic about a solution, saying "the most likely scenario, in our view, is that policymakers reach sufficient political compromise in time to avoid most, if not all, potential economic effects of the cliff." both s&p and the congressional budget office warned unemployment would go over 9% by the end of next year if the cliff is triggered. those s&p comments hit the market in the last 30 minutes of trading, extending yesterday's sharp losses. the dow closed down 121 points, the nasdaq lost 41, and the s&p was off 17. t

leaders today, and push for his plan to save the economy from the so-called fiscal cliff. this worst-case scenario means tax hikes and spending cuts totaling trillions of dollars... would automatically jump into effect at the beginning of next year. if the president and congress can't reach a deal on the debt. the white house and lawmakers created this deadline last year when they failed to reach an agreement on the deficit. the president is calling for one-point-six trillion dollars in new taxes on companies and the wealthy. yesterday, the president made his case to labor leaders. we're committed to preserving the tax breaks for the middle class. making sure that they pay their fair share. president obama plans to meet with congressional leaders from both parties on friday. she must >> run for reelection to her minority position. no democrat has made a move to seriously challenge her. >> the seventh award alderman sandy jackson's get the city council meeting this morning and is not commenting on a wall street report she may have been involved in spending campaign cash on furnitu

the equator, its elevation in the andes gives it a mild climate. and you have aibranty and somtourist economy.ings on the surrounding hillsides, adequate rainfall and fertile volcanic soils sustain agriculture. but the same natural forces that sustain the economy are also a source of danger. hoping to avoid a agedy, geographer patty mothes maps and monitors several volcanoes for ecuador's geophysica institute,nclu tunguhua. she is looking for any changes that might signal an eruption. moes and onofhese ways thate hat is to put a prism that's highly reflective, or a number of prisms up on the flanks of the volcano, and then, shooting with this very high-powered laser beam... narrator: the beams reflect off the prisms and back to patty's measuring device. it canetsubthanges in t shapef the mountain, changes that may forecast an eruption and save lives. their concern is based on history. inside a church, a mural recalls a deadly eruption in 1773. it happened again in 1886 and 1918. so why do people live in such a dangerous place? some people simply cannot afford to move, due to limited economic means

at the end of the day. there was a news from the u.s. consumer that the economy is picking up. and consumers in the united states, the confidence level is up the highest level it has been in five years. >> we will stay for a look at the numbers in the dax. down by 0.6% on the final trading day of the week. across the atlantic on wall street coming the dow jones also flat. the euro trading at a value of $1 u.s. -- u.s. $1.2712. >> the first round of budget talks have failed to produce an agreement. european parliament is pushing for a 7% increase in spending and more money for a supplementary budget this year. germany, france, and britain want to limit increases to less than 3%. the negotiations will continue next week. >> more business news coming later in the show including economic and is from china and the once in a decade leadership change. the strongest european economy is beefing up their welfare state. parliament has approved a contentious new subsidy for stay at home parents. opposition parties have criticized this scheme as promoting outdated ideas about families in an age where it'

code is really segmented largely for personal and business taxes. the sharing economy presents a nuanced situation. individuals are not businesses but are enjoying a new stream of income. we are interested in having that conversation in a way where we can use the new economy to benefit the city as well as individuals who are proactively taking all entrepreneurship in their own hands to leverage their own resources and knowledge to supplement their income. >> at task rabbit, we're looking to partner with the city and generate more awareness around what we do and how consumers and small businesses can get involved. we have a lot of small businesses utilizing the network as a delivery force or on demand labor force, particularly with seasonal businesses. they do not want to have to hire a bunch of full-time employees for a month or two of work. they're able to utilize the task private network to scale up and down. another case we see is for deliveries. suzy cakes uses task rabbit to get her goodies out. these tasks rabbits are using their own vehicles to do the deliveries. it is t

to establish a demilitarized zone. >>> many investors are wondering where the japanese economy is head headed. we have more from the business de desk. what are investors looking at as they start their week? >> a major figure just came out, and it doesn't look too good. we learn that japan's market analysts have had their fears confirmed with the release of new figures the japanese people have experienced negative growth over july to september. that's the first time in three quarters the economy had contracted. cabinet office officials said monday the couldnntry's real gd fell .9% from the previous three months. that's an annual decline of 3.5%. business owners found their exports shrank 5% due to the economic slowdown. consumers spent less by .a5% as auto sales declined. corporate leaders found capital expenditures down 3.2%. analysts expect continued negative growth in the october-to-december quarter as worsening relations with china dampen exports. >>> as we just saw, the latest figures from japan suggest its economy is facing a setback. let's take a look now to see how markets are reacting

economy can't afford that right now. certainly no middle-class family can afford that right now. >> reporter: mr. obama signed legislation extending the bush- era tax cuts two years ago, including those affecting the wealthy, but he said today things are different this time. >> well, two years ago, the economy was in a different situation. we were still very much in the early parts of recovering from the worst economic crisis since the great depression. but what i said at the time is what i meant, which is this was a one-time proposition. and you know, what i have told leaders privately as well as publicly is that we cannot afford to extend the bush tax cuts for the wealthy. what we can do is make sure that middle-class taxes don't go up. mandate, i've got one mandate. i've got a mandate to help middle-class families and families that are working hard to try to get into the middle class. that's my mandate. that's what the american people said. they said, "work really hard to help us." that's my mandate. i don't presume that because i won an election, that everybody suddenly agre

today make one more point about the type of campaign at that romney ran. focused on the economy and wanted to make the obama economy, but he woke up wednesday morning and probably saw an exit poll figure that had him devastated for people, 50% of the electorate still thought this economy was george w. bush's fault. it's astonishing. >> it's astonishing. >> and one of the failures, not making a distinction in the campaign, the theme explanation why he would be different than george w. bush. when we come back, the soul searching begins as republicans face another four years of a democrat in the white house and at least two more in the senate minority. what the party needs to do to what the party needs to do to regroup for 2 2 2 2 2 2 hey! did you know that honey nut cheerios has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. >> another white house loss for the g.o.p. coupled with their failure once again to take back the senate. many in the

on tonight's "newshour." major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved econ performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: with the election over, there's new talk in washington about finally coming to grips with taxes, spending and the deficit. the mammoth problem has been hanging over congress and president for many months, and now, time is running out. in just five days, lawmakers troop back to the capitol for a final, lame-duck session. and they are under mounting pressure to avoid going off the much-talked-about fiscal cliff. come january 1, the bush-era tax cuts will expire as will a 2% payroll tax cut that was passed in december of 2010. at the same time, large automatic sp

provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> intel. sponsors of tomorrow. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown: the investigation that felled the head of the c.i.a. has expanded, to include a high- ranking u.s. military figure. that news rippled outward from the pentagon today, and across official washington. the name of u.s. marine general john allen, the top american commander in afghanistan, surfaced o >> this is "bbc world news america." >> funding of this presentation is made possible by the freeman foundation of new york, stowe, vermont, and honolulu, newman's own foundation and union bank. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions and capit

of the economy situation as you guys know. so, if the health department was always, you know, take care of the cafe very clean, and nice and it shows that the section always a good record. and they were seeing everything that was good in our cafe. and it shows that it was very concerned about the health for our customer. and now, because of this situation of we cannot have hookah they create and they try to create or to change the model of the business as a one bar cafe. and it is some

at the president has done with the economy, it is very far reaching, just across the country women have access to capital to start small business, let's not forget his very, very first bill that he signed in to law was lily ledbetter fair pay act. it's a tremendous accomplishment. i think that shows his devotion and his commitment to women. >> first thing you have to ask is, what are women concerned about today, it's jobs, job security, opportunities for themselves and for their loved ones and in particular for their kidss there a brighter future. this is mitt romney's message to women to all americans. is that he is going to put in to place economic policies that will create growth which will create the jobs, be the energy to small businesses start growing again. >> we asked the experts whether reproductive rights is a decisive issue for women voters this year. >> it is for the barack obama campaign. they think that's the way they're going to keep their women. suggest that women would vote about who's going to pay for their contraception, that is more of an issue than are my loved ones workin

of the economy, but this is has consumption fall as a share of gdp. >> exactly. and this is not a new issue. so we can't expect that just a new bunch of people come in, that the situation will change anytime soon. there are serious structural issues why china remains investment led rather than consumption led and the it would take big and far reaching policy reform to change that. >> will we see these reforms in light of the reports coming out of china as we mentioned with eunice just a few moments ago that perhaps we're not necessarily seeing as a reformist of a leadership for the next couple of years? >> yes, we don't really know what the new leadership is. in fact, for the last ten year, hu jintao was the leader, but the previous leader was in the background and he retained a lot of influence. and now the new leader will have not just hu jintao to deal with, but also his predecessor. so two who he'll have to deal with. 20 old people who used to be on the bureau, all of which will be exercising some influence. so i think this new leadership will be rather constrained at least for the first co

as the chinese economy shows signs of improve. >>> and we'll head out to washington for a view on how the handover of power in china will impact relations in the u.s. >> we're in london to talk about shipping trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying the investment figures were encouraging. looking relatively strong. the government hasn't put up of much money in the infrastructure projects, so that's part of the equation here. other part is retail and consumpt

to be in the first term. there are parallels to reagan and clinton who had first terms and successful economies for the second terms. are you hoping you are going to get the kind of economic security if not prosperity in this term that will allow you to do the thing that is barack obama when you sailed in on hope and change hoped he could do? >> piers i do believe the economy is ip pron proving. one of the reasons the economy is improving is that it was brave. it was not a popular decision at the time. it was brave to move forward on the recovery act. without that, we would have slid into a second great depression. it was brave to stand up the financial industry when it was on collapse. because he understand that we needed to move the economy forward. and now we are reaping the benefits of that. i believe that gives us a chance to move forward on a series of fronts and further strengthen our economy. we are not losing 800,000 jobs a month anymore. we are gaining them. and that foundation that has been laid it is a foundation on which we can build progress. >> one is i understand that the first

. as america demands compromise, on growing the economy and avoiding the fiscal cliff. the president today hosted an old fashioned lefty summit filled with labor chiefs and foreign liberal groups. he went to them ahead of business and the politicians are going to come later on friday. they are going to consider mitt romney's plan. he lost the election but might his ideas win out in the end? plus obamacare, continues to take it's toll on jobs. and one ceo's comments about it's plan are spurring a national movement to eat pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at

longer, providing for their families and generating more income for the economy and for the treasury. i think there are other things you can do, but look, i am open to a conversation about this. when it comes to things like social security, again, you have got to take a mixed approach. look at simpson-bowles or others, they have a combination of revenue and spending reform. >> you are willing to at least look at that? >> i am willing to consider them as part of a possible plan, but i do not think we should jump to solutions, especially in medicare, that's simply transfer cost. in social security there are other ideas, some of which we discussed in the super committee. >> social security has to be a part of this? >> i think we should look at social security as -- that is what simpson-bowles did. they said, look at social security, but not as part of our deficit reduction target. there is room for a conversation there -- what others have said is they do not want that to be part of how you calculate your deficit. >> what do you have to do? you talk about a process that lasted over six mont

that will never change, prudential. >> wherever our trains go, the economy goes to life. norfolk southern, one line, infinite possibilities. >> additional corporate funding is provided by boeing. additional funding is provided by the an nenberg foundation, the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you. >> once again, live from washington, moderator gwen ifill. gwen: good evening. two men faced off for what each said would be his final campaign competing for the hearts and the minds of an economically stressed electorate. president obama won the much discussed battleground states. he won the electoral vote. he won the popular vote of -- and he won an america that revealed itself to be more divided than ever. today the president walked into the east room saying elections have consequences. >> what the american people are looking for is corporation. they're looking for consensus. they're looking for common sense. most of all, they want action. i intend to deliver for them in my second term i expect to find willing partners in bot

ministers to say the economy may already be in recession. one step forward, two steps back. greek lawmakers approve 2013 budget, but germany warns brussels aren't likely to sign off on the next tranche of aid at their meeting today. lorenzo tells cnbc greece needs more time and he's urged europe to extend the company's debt maturities. plus president obama will get a lot of input this week from civic leaders on how to tackle the looming fiscal cliff before he sits down with house and senate leaders on friday. we're up and running for a fresh week of global business news. we'll hear from kelly fairly shortly. also on today's program, we'll be in brussels ahead of the important euro group meeting. focus there on greece and the eu budget. after the weekend, talks collapsed. and the annual world energy outlook report in an hour and plus analysis of where oil prices can be headed. and best buy gets set to join the tablet wars with it insignia flex. what can it offer to customers that the ipad, kindle 5 and surface can't. the first japanese government may be forcesed to lower its outlook for the

about the u.s. economy. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> hello. welcome to today's "worldwide exchange". >> 40 unions in 23 countries. that's the strikes that are planned across europe today. so if you thought there couldn't be any coordination, there is coordination. >> how are we going to be affected? >> you know, air travel, surprisingly, they have had to have a lot of cancelling due to strikes. >> we're fully at our jobs. there's two hours of it today. let's remind you exactly what's coming up. we'll have updates from beijing throughout the program as the new generation takes the first step towards leadership. >> and we're in london. talk to the ceo of wpp, martin sorrel. >> we discuss japanese banks. >> and the latest on cisco from silicon valley as the network equipment maker warns of slowing growth this quarter and some falling demand in europe. >> more than 2,000 delegates have cast their votes for china's new central committee, marking the end of the week long communist party. the world will have to wait one more day

the chinese economy and military grow and has promised to take a tough stance with china on trade and other economic matters. the obama administration has also closely monitored china's disputes with japan and southeast asian nations over the islands in the east and south china seas. senior officials have refused to take sides. the president announced a year ago he will shift his country's focus to the asia-pacific region. he will have a chance to talk more about that plan over the weekend. obama will begin a four-day tour of southeast asia on saturday. he will be visiting thailand and myanmar and will attend the east asia summit in cambodia. the president promised during his re-election campaign to put more pressure on china to make it meet basic international standards with respect to trade. but analysts say despite his plans the world's top economies are tightly woven together and that interactions will continue. >>> the south korean government welcomed china's new leadership. >> translator: we hope our relationship with china will develop farther and as a new leadership. >> the media ga

+ economy shrank by 0.1%, the second consecutive drop in output. >> there was some positive news, though -- germany's economy weakened less than many had feared. like france, it just managed to eke out some growth. >> elsewhere in the picture, it was anything but rosy. >> people in southern europe have struggled with years of the zero economic growth -- spain, italy, portugal, and greece have seen rising unemployment and chronic budget shortfalls, but now, economic growth is also slowing in northern europe's industrial economies. in europe's biggest economy, germany, third quarter gdp growth came in at just 0.2%. it was the same figure in france, though analysts had been expecting even weaker numbers. in the netherlands, the economy contracted in the third quarter. one reason is more and more consumers are cutting back on their spending, fearing tough times ahead. another reason is that businesses are also scaling back. manufacturers also anticipate weaker demand from struggling eurozone partners. >> news of the recession did not pull down the market drastically. our correspondence sent

in the next four years? >> the economy might be recovering. if the recovery is not complete or if growth is tepid and slow and jobs do not come back by the time of the next presidential campaign, how will that affect the types of policies that candidates will propose? different solutions and how people might change electorally. >> i think given polling data and the uncertainty of it these days, i think there were a lot of reasonable predictions you could have made from getting barack obama to 332 would have been a reasonable prediction. getting over 304 mitt romney was within the realm of possibilities, or a reasonable person could conclude. there are lots of issues in polling now that carolina has been following closely better generally troubling to a lot of pollsters. polling procedures are developed in a nation that had landline telephones and a population that answer the phone. we do not live in such a nation anymore. peter researchers found 9% of calls resulted in a complete interview. in 1997 was 37%. is the representative of the larger public, we are not sure. the exit poll intake

. >> the elections are over. the threats to our economy are not. time to get to work. and there is lots of work to be done. it starts with averting this disaster of our own making. i repeat that. the fiscal cliff. we've got it covered from all angles as only cnn can. christine romans is host of cnn's "your bottom line." david walker spent a decade overseeing the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of comeback america and he's a deficit hawk. the ceo of pimco. hisfirm is one of the largest investors of bonds, and steve moore is a conservative, founder of club for growth and a writer at the wall street journal. i'm going to start with you, steven, my good friend. the fiscal cliff is an immediate threat. both parties need to come together to fix it, because not fixing it would set even fiscal conservatives back, don't you agree? >> yeah, and i think other conservatives agree that he don't want to go off this fiscal cliff, either. i think one hangup that will start on tuesday is the president will say, look, i was reelected to raise

our economy and create jobs and the decisions we have to make in the coming weeks to help that come about. it is part of governing that these issues arise and we have to deal with them. >> this is a question on the fiscal cliff. you say he will not sign any bill that extends the bush cuts. it is highly unlikely that he would get a bill like that. how open is he to the notion that -- in terms of going forward? is he willing them out completely? >> i am giving you a pretty good printers on the president's thinking going into the process that he said it begins with the specific proposal he has before congress, a plan that achieves balance and that allows us to continue to invest in important areas of the economy. he has not been wedded to every detail of that plan. i will not negotiate hypothetical details. i was side speaker banner and say i am not in the position of boxing ourselves and others. he looks forward to the meeting with leaders in congress. and as clear principles fam belief that we can reach a compromise is comparable. it would allow us to address the fiscal cliff challen

% while the economy added 3.4 million new jobs, all of which sounds great but a federal deficit would rise by $503 billion in 2013 and another $67682 billion. is the emerging choice jobs versus larger, short-term deficits. given the acrimony between the white house and the house of representatives is a deal likely? erskine bowles wrote today in "the washington post" and i quote... but throughout the campaign, president obama insisted that any deal must include tax hikes on the well-to-do. something this campaign senior as viser david axelrod emphasized today. >> he talked about it in debates and speeches. on the need for balanced deficit reduction that included some new revenues and he was re-elected by you know, in a significant way. but if the attitude is that, you know nothing happened on tuesday, that would be unfortunate. >> eliot: that seems to be house speaker john boehner's attitude toward any tax hike at all. take a listen. >> raising tax rates is unacceptable and frankly it couldn't even pass the house. i

. it is an anomaly. is an authoritarian regime running the world's second- biggest economy. modern leaders paying homage to pass commonness, mouse at all -- mao tse tung included. >> we must crack down on corruption at all times and thoroughly investigate cases of major corruption. anyone who breaks the law, whoever they are, must be brought to justice without mercy. gregg's the successor, the current vice president, was chosen by party leaders five years ago in a process of back room deals and compromises. he will be installed as the new general secretary next week. outside, china looks increasingly modern. there is a widespread sense that growth is slipping and what is needed now is more reform. but a fear that the party may not be able to relax the market still has on part of the economy or submit itself to more checks and balances. >> the pressure for real reforms is building in chinese society. the last 10 years were a lost decade. >> instead, the communist party has tightened its hold and become more intolerant of those who question its right to will. this way, a taxi drivers have been told

today, the biggest talk in town was about the economy. president obama and the republican speaker made their views known on the upcoming fiscal cleiff approaches. both men agreed on the urgency to act. the devil is in the details. >> ladies and gentlemen, that the president and the vice- president of the united states. >> del left the supporters fool you, he knows there is no honeymoon the second time around. he is straight into a living and economic crisis in demanding compromise from politicians. dodge the american people understand we will have differences in disagreements in the months to come. they get back. but on tuesday, they said loud and clear that they won't tolerate this function for politicians that view compromise as a dirty word when americans are out of work, families and small business owners are still struggling to pay the bills. >> automatic tax rises and cuts to government spending could take more than $600 billion out of the economy, leading to 2.1 million jobs lost shrinking by half a percent sign. such a prospect has spooked global markets. riding high on re-elec

16. >> translator: the economy and energy will be part of the focus of the election. our party will make a manifesto and convey our position to voters. i will explain it to the people after i dissolve the lower house on friday. >> the leadup to the decision played out on wednesday. the prime minister said he was ready to dissolve the lower house if the ldp committed to reducing the number of seats in the house by 234ex year. officials campaigning for the general elections starts on may 4. >> translator: lawmakers don't really care, but the people, the prime minister changes like a resolving door. it's better to give the younger generation a chance another leadership. >> prompted the prime minister to act? making te i . >> there's a big disparity in -- he had fwho executions left. but it took some time >> the lead-up to the decision played out in the diet. abe pointed out the prime minister promised in august to call a general election soon if the diet passed bills related to social security and tax reform. abe said the ldp kept its part of the deal and helped the bills become l

measures to ensure the economy is boosted even after the dissolution. >> translator: it's vital to implement the economic measures that noda asked the relevant government offices to compile. >> chairman of the japan chambers of commerce and industry said it's regrettable that the move and the ensuing general election will create a political vacuum at a time when the nation's economic situation is severe, but he said he believes that the election is inevitable for the economy to get out of its prolonged stagnation. >> translator: i believe that seeking a public mandate through an election is inevitable for various economic issues. these include the free trade deal under the trans pacific partnership. >>> china's elite officials are finishing up a high stakes game of political chess strategizing and making moves that will ultimately shape the future of the world's most populus nation and second largest economy. hours from now members of the communist party will unveil the next generation of leaders that will take control. party officials spent a week long holding their national co

-a-decade leadership change just as the chinese economy faces pressure from outside and in. >> susie: and the fiscal cliff isn't the only uncertainty for c.e.o.s. the future of financial regulations with the c.e.o. of florida-based bank united. >> tom: that and more tonight on nbr! $4.5 billion and guilty pleas to charges of manslaughter and lying to congress. that was the admission today from b.p. two and a half years after the "deepwater horizon" disaster in the gulf of mexico. that disaster killed 11 people and led to the worst oil spill in u.s. history. in its guilty plea, b.p. said it deeply regrets the loss of life and almost five million barrels of oil that into the gulf. darren gersh reports. >> reporter: justice department officials hope today's settlement and criminal pleas will bring justice to the families of the men who died when the "deepwater horizon" exploded. >> perhaps the greatest tragedy is that the deaths of the 11 men on board the "deepwater horizon" could have been avoided. the explosion of the rig was a disaster that r'sb.tetu cp.f ul b.p.'s culture of privileging profit over

". >>> president obama says his re-election proves that americans want action on the economy, not just politics as usual: just days after his victory, he's laying out a framework for compromise with the republicans to avoid $600 billion in automatic spending cuts and tax hikes in the next year. he says he's open to new ideas, but he warns the federal government can't cut its way to prosperity. >> if we're serious about reducing the deficit, we have to combine spending cuts with revenue. and that means asking the wealthest americans to pay a little more in taxes. that's how we did it -- that's how we did it in the 1990s when bill clinton was president. that's how we can reduce the deficit while still making the investments we need to build a strong middle class and a strong economy. that's the only way we can still afford to train our workers or help our kids pay for college, or make sure that good jobs and clean energy or high-tech manufacturing don't end up in countries like china. now, already i've put forward a detailed plan that allows us to make these investments while reducing our deficit

. >> host: so a couple powerful phrases in the book were read economy. you can attach a that number if you could explain a little more clearly. in a competitive market, government was set to rule and instruments to with liberalism adjustables as physicists figure out how to have a level playing field as possible. you have to keep trying to make sure the playing field is level how to allocate capital and to succeed. it's also natural tendency to hate towards monopoly or duopoly, or a couple successful firms keep getting bigger and bigger and removing competition. when that happens, once your monopoly or duopoly, you don't want to invest in innovation. you don't want to take risk. you just want to mind the market for right-thinking in which means earning profit in an economy. all of these rules and regulations in every shop tour i'm sure you've read things you have not read in the news media. i show again and again the market is being. this is terrible and explains why we are in economic doldrums and my redundant job creation. >> host: let's go through some of these examples. we'll get back

wastewater infrastructure and drinking water infrastructure, the economy will stop. we did a major outreach. we trained an outreach team, who went to every community meeting, to educate people on how bad the crisis was. not only did i tell people that we'd have to raise rates, i told them we'd have to tear up the city to repair this infrastructure. man: you can't simply say, "i won't use any water, it's too expensive." we have about 25% of our population that's at or below the poverty line, so you have to look at rate structures that are tiered so the people can pay their bills. franklin: we would love to have something like 75% federal money. we do get some federal aid and we are thankful, but on the other hand, we're paying for this primarily with new rates. we have increased our rates to among the highest in america. but not nearly as much as if we hadn't passed a one-cent sales tax dedicated to water and sewer infrastructure. hunter: that sales tax counts for about a third of the revenue of the department right now. franklin: we got 75% of the voters to agree to tax themselves so that t

fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. 100% new. 100% mmm... wow, that is mmm... it's so mmm you might not believe it's a hundred calories. new yoplait greek 100. it is so good. [ male announcer ] can a car be built around a state of mind? ♪ announcing the all-new 2013 malibu from chevrolet. ♪ with a remarkable new interior featuring the available chevrolet mylink infotainment system. this is where sophisticated styling begins. and where it ends? that's up to you. it's here -- the greatest malibu ever. ♪ ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live t

economy are not. time to get to work. and there is lots of work to be done. starts with averting the disaster of our own making. i repeat that. the fiscal cliff. we've got it covered frommive angle. christine romans is host of "your bottom line," richard quest of "quest means business," david walker spent a decade oversaeg the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of come back america. he's an unapologetic deficit hawk. mohammed al arian is the ceo of pim he could. his firm is the largest investors in bonds. and stephen moore is the founder of the low tax advocacy group club for growth. i'm going to start with you, stephen. my good friend, the fiscal cliff is the immediate threat both parties need to come together to fix it because not fixing it would set even conservative fiscal causes back, don't you agree? >> yeah. i think most republicans agree. they don't want to go off this fiscal cliff either, ali. i think the one hang-up in negotiations which will start on tuesday is the president says, look, i was re-electe

the economy. some of you may remember that bill clinton years on the economy were the best they had ever been in american history. it was the same old people that were taking advantage of circumstances that presented itself. that basically -- with a reduced electorate. no, i do not think they have a future. there is a congressman from georgia named paul brown who happens to be a doctor. he thinks that the big bang theory and evolution are works of the devil. you know, that is not the future. go to maryland, go to the maryland suburbs and look at the companies that are making billions of dollars doing genetic research. genetic research is all about evolution. >> are there additional questions? >> i just wanted to ask about when you saw effective black and latino alliances during the 2012 election? >> and the places where there were blacks and latinos living in proximity, all the states where there are both black and latino populations, in florida, virginia, less so in colorado. the black population is fairly small. nevada, definitely. the right in the country and especially the ultraconservati

. tom will be along later in the program. congress officially gets back to preventing the u.s. economy from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an important white house meeting on friday between president obama and congressional leaders. they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and g

revenue, it's the idea of actually growing our economy, which we all claim to agree on, but there's certainly different proposals to do that. with that, i want to thank everybody for joining us here today, including our new congressman-elect, first one, you're going to mark that as one of your high points of your congressional career, being the first one here as well. but thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> on "washington journal" this morning, we'll be joined by republican representative ron paul of texas, it a member of the foreign affairs committeeful he'll take your questions about today's hearing on the attack on the u.s. consulate in libya. you'll hear about the fiscal cliff from independent senator bernie sanders of vermont, a member of the budget committee. also, the kaiser family foundation will look at friday's deadline for states to establish health insurance exchanges under the affordable care act. "washington journal" is live on c-span every day at 7:00 a.m. eastern. the senate

westgate in london on all of that. japan's economy shrank, first contraction since last year. the data adding to signs of slowing global growth and tensions with china nudging the which i into recession. and yen minute's main oil export pipeline shut after it was blown up in two pieces. local news organizations didn't identify the attackers, but they've been repeatedly sabotaged. finally, iran launched a military drill across half of the country today. government warning it would act again against aggressors. >> where is your jacket? >> i decided in high spirit of rising above to take it off today. but i can't find my pin. >> i'm putting mine on right now. >> it's you saunderstood we're above. p. >> and you're about to talk about corporation news we haven't especially touched on petraeus. maybe we'll sneak that in. >>> htc announcing a global patent settlement and ten year licensing agreement. the deal sends one of the first major conflict of the smartphone patent wars. apple sued accusing the company of infringing on its technology. and citigroup will pay 15.5 million each to former c

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